Firm Advises on $3.6 Billion Sale of Advanced Wireless Spectrum to Verizon Wireless

December 13, 2011

Washington office represents Comcast Corporation, as one of the consortium sellers, in obtaining FCC approval for deal.

On December 2, SpectrumCo, LLC, a joint venture between Willkie client Comcast Corporation, Time Warner Cable and Bright House Networks, announced it has entered into an agreement to sell its 122 Advanced Wireless Services spectrum licenses covering 259 million points-of-presence (POPs) to Verizon Wireless for $3.6 billion. Willkie is assisting Comcast in obtaining approval from the Federal Communications Commission for the transaction. Comcast owns 63.6% of SpectrumCo and will receive approximately $2.3 billion from the sale. Time Warner Cable owns 31.2% and will receive approximately $1.1 billion, and Bright House Networks owns 5.3% of the company and will receive approximately $189 million.

The sellers also announced commercial agreements that will deliver various mobile products and services to consumers. Additionally, the cable companies and Verizon Wireless have formed an innovation technology joint venture for the development of technology to better integrate wireline and wireless products and services.

Comcast Corporation is one of the world's leading media, entertainment and communications companies. The firm recently represented Comcast on the FCC regulatory aspects of its $13.75 billion joint venture with General Electric to create NBCUniversal, LLC. The current deal was handled by partners Michael Hammer and James Casserly; special counsel Michael Jones and associates Mia Hayes and Brien Bell.